Posted by Alison Arthur on 16 Jan 2019
As we settle in to 2019, it’s a natural time to contemplate what we want to accomplish over the next twelve months both personally and professionally. When it comes to business-minded resolutions, don’t forget to consider the role of electronic bill presentment and payments (EBPP) in your customer journey. Bill payments are one of the most consistent points of contact that businesses have with their customers, and consumers are demanding more seamless bill payment experiences than ever before.
How can your business resolve to make bill payments simpler and smarter in 2019? Here are three resolutions to consider.
1. Embrace the positives that artificial intelligence (AI), machine learning, natural language processing, and chatbots can bring to bill payments.
Bots got a lot of press in 2018 and for good reason. They have the potential to revolutionize our lives in unprecedented ways, both big and small. Perhaps the most significant impact that bots can have on our business to consumer interactions is through the use of AI-powered chatbots that answer frequently asked questions, service customers, and complete simple tasks like facilitating bill payments. Some EBPP solutions now offer chatbot technology that lets customers pay their bills using simple text or voice commands without human intervention.
2. Continue the momentum of moving customers away from paper bills and toward e-bills.
It might seem like the entire world has gone electronic, but many customers still rely on the convenience of paper bills. We recently analyzed how several large healthcare providers are billing their patients that use Orbipay EBPP. What we learned is that the majority of these healthcare consumers are receiving e-bills only (an average of 65% across the companies analyzed), but an average of 35% are still receiving either stand-alone paper bills or paper bills in conjunction with e-bills.
Reducing the number of paper bills that your business prints, fulfills, and mails can provide considerable cost savings and operational efficiencies for your organization. In the new year, think about innovative ways to prompt customers toward e-bill adoption through marketing, promotions, and eco-friendly campaigns.
3. Give your customers the ability to pay their bills how they want, when they want, and where they want.
Consumers are always looking for new and improved ways to pay their bills. Some might like the convenience of setting up automatic payments that debit their accounts on a monthly basis. Others might prefer the ability to make payments on-the-fly using their mobile phones. And others might want to pay via newer channels such as text message, Facebook Messenger, and intelligent personal assistants like Amazon Alexa and Google Assistant. Be sure to partner with an EBPP solution provider that has its pulse on changing consumer preferences and delivers technology that can respond quickly to these changes.
The Bottom Line: The new year is a time to make resolutions in both our personal and professional lives. Resolve to offer your customers the best bill payment experience possible by partnering with a forward-thinking EBPP solution provider.
15 Jun 2021 Blog Fintech Disruption: Creating Opportunities for Financial Institutions Fintech can help financial institutions deliver better customer experiences. This blog examines opportunities that fintech can help unlock in faster payments, conversational commerce, and data and analytics.